True North Energy Corporation announced the acquisition of Box 23, Ltd, a UK organized entity, holding a majority interest in 3 Store Web SRL, an Italian entity located in Milan, Italy currently employing a staff of 36. 3 Store Web SRL serves as the exclusive seller of SIM cards and services as authorized by Wind Tre S.P.A., owned by Hutchison Whampoa Limited, a Fortune Global 500 company. The aggregate purchase consideration includes the issuance of common shares in True North.
Michele Antonicelli is the CEO of Box 23, Ltd and 3 Store Web SRL.
True North will begin financial consolidation of Box 23 Ltd and 3 Store Web SRL as of October 1, 2019. 3 Store Web SRL has audited results under United States generally accepted accounting principles (GAAP) for the period ended December 31, 2018 which included revenues of approximately USD$4mm for the year 2018.
The consolidated financial statements show how this M&A operation has brought the desired results.